Daily Video Update for Monday, May 16, 2022.

Each day the market is open, a video is prepared which analyzes and evaluates current conditions of the S&P 500.
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Daily Video Update
For Monday May 16, 2022
Recap 1: Friday, May 13, 2022
Open
Gap higher Open to R1 (3977).
Buying up to R2 (4023) and slightly above.
Midday:
Prices drifted and fell back close to R1.
Close
Late day buying took prices back above R2 and then closed at R2.
Up: 2.39%
Volume:
Below average
Fixation:
Technicals, inflation & interest rates, geopolitical concerns, earnings.
Recap 2: Friday, May 13, 2022
Market Comments:
The S&P 500 regained 4000 after being oversold.
Interest rates and stocks rose.
Fed Chair Powell and another FOMC voter indicated support for 50-basis-point rate hikes in the next two meetings based on recent inflation data.
The USD is above the Euro.
The technicals continue to show improvement.
Fear is still extreme.
S&P 500 is in correction territory.
Economic Reports:
The preliminary Univ of Mich Index of Consumer Sentiment dropped to 59.1 (expected 63.5) from the final reading of 65.2 last month.
Trend Condition:
Trend: Negative (strengthening). Bias (Mixed). Momentum (Negative).
The Day’s Session
Sentiment
Inflation
SPX Sectors
Technical Alerts
Intraday
10-Minute Chart
Technical Overview
Monday, May 16, 2022 Positive
Market Positives
Energy
CRB
Gold
Interest rates
Staples.
Monday, May 16, 2022 Negative
Technical Overview: Market Negatives
Dow Jones Comp
World Indexes
Junk Bonds
FANG Index
Small Caps
Dow
Mid Caps
NASDAQ
NDX
NYSE Comp
All Stocks ETF
ARK Innovation ETF
Bitcoin Index
WLSH
Treasury and Corporate Bond Prices.
Trend Analysis
Breadth Analysis
Advance/Decline, NH/NL Studies
Short Term
Days to Weeks
Intermediate Term
Weeks to Months
Chart Variations
Trading Systems
Weeks to Months
Long Term
Months to Years
Broad Market
Stocks
Broad Market
Other Markets
Bonds
Possible Positive Scenarios
Monday, May 16, 2022 Outlook
Technicals: Negative but may be improving.
The markets are still below an IT/LT range.
Growth vs Value battle
Economic Reports:
None of major importance
Geopolitical events:
Russia/Ukraine. China/Supply Chain. Inflation & Interest rates. Oil. Earnings. Fed Speak. Japan.
Monday, May 16, 2022 Scenarios
1. Down (Negative)
A. Rising interest rates and inflation fears (?).
Earnings and Fed Speak that spooks the markets.
B. Technicals negative but may be improving.
2. Up (Positive)
A. Oversold bounce to continue? Sentiment still extreme negative.
B. Possible positive scenarios. N/A but might be setting up.
C. Technicals: Pivots and previous levels may provide support/resistance.
3. Sideways: (Neutral)
ADX is above 20, strengthening and showing a negative trend.
Conclusion based on Friday, May 13, 2022
Overview:
The SPX is negative.
Short-Term:
Negative and oversold. Might be bouncing.
Intermediate-Term:
Negative and oversold. Might be bouncing.
Oscillators: Negative and below important MAs.
Long-Term:
Negative: Below 200 SMA.
Thank You!
John Clay
The SPX Investing Program
[email protected]